AXS / TetherUSLong
AXS SETUP
### Entry Points
- **Primary Entry**: 4.712 USDT (38.2% Fibonacci retracement)
- This level shows a good opportunity for entry as it aligns with the Fibonacci retracement level and potential support zone.
- **Secondary Entry**: 4.041 USDT (lower accumulation zone)
- If the price drops, this is another key level for buying, close to the 1.0 Fibonacci extension.
### Target (Take Profit) Levels
- **First Target (TP1)**: 5.242 USDT (61.8% Fibonacci retracement)
- The first target aligns with a common resistance level at the 61.8% Fibonacci, where partial profit-taking is advised.
- **Second Target (TP2)**: 7.000 USDT
- A higher target that suggests a potential breakout if the momentum continues.
- **Third Target (TP3)**: 9.000 USDT
- A more extended target for those holding the position longer, representing a strong rally.
### Stop Loss
- **Stop Loss**: 3.602 USDT
- This is below the recent low and the 1.0 Fibonacci level, providing a solid point to minimize losses if the trade does not work out.
### Key Levels and Observations
- **Fibonacci Levels**:
- 38.2% retracement at 4.712 USDT.
- 61.8% retracement at 5.242 USDT (TP1).
- 88.6% retracement near the lower support zone.
- **Harmonic Pattern**: The chart appears to show a potential harmonic pattern that indicates a bullish reversal if it completes.
- **Volume Profile**: Increasing volume at lower price levels indicates potential accumulation by buyers.
### Trade Plan Summary
1. **Enter** the trade around 4.712 USDT or lower at 4.041 USDT if the price pulls back further.
2. **Set Stop Loss** at 3.602 USDT to limit downside risk.
3. **Target Levels**:
- **First Target (TP1)** at 5.242 USDT.
- **Second Target (TP2)** at 7.000 USDT.
- **Third Target (TP3)** at 9.000 USDT.
This strategy focuses on taking advantage of the Fibonacci retracement levels and potential bullish harmonic pattern, with defined targets and risk management through the stop loss level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.